Memorial Day often marks the start of the summer vacation season, and Labor Day its end.

Began as a ritual of remembrance and reconciliation after the civil war, by the early 20th century, Memorial Day was an occasion for more general expressions of memory, as ordinary people visited the graves of their deceased relatives, whether they had served in the military or not. It also became a long weekend increasingly devoted to shopping, family gatherings, fireworks, trips to the beach, and national media events such as the Indianapolis 500 (since 1911) and the Coca-Cola 600 (since 1960) auto races."

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I like the last line about how the weekend has devolved into a U.S. Commercialism. Classic.

I for one will take at least a little bit of time to explain to my children what the weekend is supposed to commemorate.

"America is supposed to be a nation of laws which apply to everyone equally, regardless of wealth or power ... Founded on the Constitution and based upon the separation of powers, we escaped from the British monarchy - a "nation of men" where the law is whatever the king says it is. However, many laws are now "secret" - known only to a handful of people, and oftentimes hidden even from the part of our government which is supposed to make laws in the first place: Congress."

"From Revolutionary days through 2004, a majority of Americans fit two criteria. They were white. And they concluded their education before obtaining a four-year college degree. In the American mosaic, that vast white working class was the largest piece, from the yeoman farmer to the welder on the assembly line. Even as late as the 1990 census, whites without a college degree represented more than three-fifths of adults. ..... But as the country grew more diverse and better educated, the white working-class share of the adult population slipped to just under 50 percent in the Census Bureau’s 2005 American Community Survey. That number has since fallen below 48 percent."

"Members of the House of Representatives considerably outperform the stock market in their personal investments, according to a new academic study.
Four university researchers examined 16,000 common stock transactions made by approximately 300 House representatives from 1985 to 2001, and found what they call "significant positive abnormal returns," with portfolios based on congressional trades beating the market by about 6 percent annually."

The last one is pretty amazing and is statistically significant. How do they do so well?

EURUSDBullish long day. Midpoint above EMA(10). Held SMA(89). Tested but failed its SMA(55). Still below its 76.4% retrace (1.4346). No daily 3LB changes (reversal is 1.4323).

JNKBullish LONG day (really? I mean c'mon man). Midpoint below EMA(10). Held SMA(21). No test of 0.0% retrace (40.93). Held its 14.6% retrace (40.73). No daily 3LB changes (reversal is 40.49).

10YR YIELDBearish short day (possible homing pigeon). Still below all SMA's. Midpoint below EMA(10). Made a new 0.0% retrace (30.55). Still below the upper trend line. No daily 3LB changes (reversal is 32.30).

SILVERBullish short day (confirmed bearish thrusting). Held SMA(21). Midpoint above EMA(10). Still above the upper trend line. Tested and failed its 50.0% retrace (38.05). New high on daily 3LB (reversal is 34.14). ""You want delivery! You can't handle the delivery!"

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

Creditcane™: GDP getting worse, initial claims WTE and a miraculous close higher. There will be blood.

SPXSpinning top day again. Midpoint below EMA(10). Held SMA(55). Still below trend line (3/6/09-7/1/10). Held the 38.2% retrace (1324.16). No daily 3LB changes (reversal is 1329.47). QE2infinity. "JBTFD. Any questions?"

GOLDSpinning top day again. Midpoint above EMA(10). No test of 0.0% retrace (1577.40). Held SMA(21). Held its 23.6% retrace (1514.39). No daily 3LB changes (reversal is 1556.40). Holding above upper trend line. Must have the precious.

The second letter in BRIC is actually doing worse than the first letter. The move down has not been violent…yet. But it's below the trend line (1/08-5/10) and looking to test its SMA(233). As long as commodities hold up Russia should be ok. A major move down in commodities will turn this slow walk down some steps into a frictionless slide down ice covered steps.

The fourth letter in BRIC has broken down also. The move down is accelerating. It's is now below its 50% retrace and SMA(55). It also failed its upper trend line (8/09-11/09). I thought the BRICs were leading us out of the recession.

10YR YIELDSpinning top day. Still below all SMA's. Midpoint below EMA(10). Tested and held its 0.0% retrace (30.98). Still below the upper trend line. No daily 3LB changes (reversal is 32.30).

WTIBullish long day (confirmed bullish piercing). Held SMA(144). Midpoint below EMA(10). No test of 0.0% retrace (114.83). Held its 61.8% retrace (98.41). No dally 3LB changes (reversal is 111.41).

SILVERBullish long day. Held SMA(89). Midpoint above EMA(10). Back above the upper trend line.Above its 61.8% retrace (35.28). New high on daily 3LB (reversal is 33.49). ""You want delivery! You can't handle the delivery!"

Germany is close to breaking down. That confirmed hanging man from the week ending 5/6/11 may be more ominous than expected. It may not be below the weekly 3LB mid but it is below its monthly 3LB mid. That's more bearish than the weekly.

The Continuos Commodity Index just can't make any headway from that long bearish week ending 5/6/11. It's treading water around its 23.6% retrace (633.69). But it's hard to tread when you're weighed down with an anchor. Plus the 23.6% sits right above the monthly 3LB reversal. All it takes is a little push and whoosh.

Disclosure/Warning

This blog should not be interpreted as investment advice of any kind.The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind.The authors may or may not trade in the markets discussed.The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.

Fictional Character Quote of the Day:

I guess it comes down to a simple choice. Get busy living or get busy dying.

- Andy Dufresne

"The Shawshank Redemption"

About this Blog

This Blog's primary focus is on trading based upon technical analysis. It is run by "AmenRa" and "AndyT," quasi-anonymous traders who employ technical analysis to assess market conditions and trading opportunities. AmenRa utilizes 3LB techniques, Moving Averages and Fibonacci sequences. AndyT's analysis relies primarily on "Wave Theory" and Fibonacci sequences. The Comments Section is uncensored and open to the public. Please try and adhere to the "Blogger Policy."